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Question - Standard Costing - Rich Brand presents the following data about the operations for the year ended 30 June 2019
DESCRIPTION
ACTUAL
BUDGET
Material cost
20,000
30,000
Labour cost
40,000
38,000
Overhead cost
60,000
42,000
Total cost
120,000
110,000
Units produced
140,000
160,000
The company estimated to consume 60 000kg of raw materials but 56 000kg was actually consumed. The company estimated to pay labour at 2.00 per hour but 2.50 per hour was actually paid
Required -
1. Calculate the material cost variance.
2. Calculate the material price variance.
3. Calculate the material usage variance
4. Calculate the labour cost variance.
5. Calculate the labour rate variance.
6. Calculate the labour efficiency variance.
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